ENTITY or POA BUYER/SELLER –WHO CAN SIGN? WHAT DOCUMENTATION IS NEEDED?

LLC/CORPORATION: The LLC or Corporation is your seller/buyer. A party authorized by the entity can sign P&S, closing docs, etc. Closing agent will want an LLC/CORP resolution signed by the LLC members/Corporate shareholders that authorizes a particular individual or individuals to sign and naming their capacity (For an LLC, this might be member, manager, authorized agent, etc. For a corporation, this might be president, vice president, authorized agent, etc.)

TRUST: The Trust is your seller/buyer. The trustee can sign. Closing agent will want a trustee’s certificate, signed by the trustee(s) that confirms who trustees are, acknowledges direction by the beneficiaries to sell/buy, confirms the trust is still in full force and effect and identifies any changes to the trust since its creation. Ideally the trustee’s cert will be prepared by an attorney familiar with the trust.

ESTATE: The Estate is your seller. The Personal Representative named by Probate can sign (in certain situations ALL of the heirs can sign when the estate is more than 3 years old and has not been and will not be probated). The closing agent will want to see an abstract of probate recorded in the registry of deeds identifying the Personal Representative.

POWER OF ATTORNEY: A power of attorney is a legal document that appoints one person (the agent) to act/sign documents for another (the principal) in legal or financial matters. The principal is your seller/buyer. The agent can sign. The closing agent will want to see a copy of the POA document and may need the original to record. Maine has some very specific notice requirements that require certain language be included in recent POAs. You should have the closing agent review the POA as far in advance as possible to ensure that it’s valid. (The agent referenced above is not the Real Estate Agent).

The info supplied above should be generally accurate but may not apply in certain situations. If you have specific questions, please call your closing agent or Jeff Vigue at Preferred Title & Closing (207-518-9098)